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OPEC: Demand under increased pressure in second quarter

A high OPEC production above the demands of the market confirms that the market is more than well-supplied, writes OPEC in its monthly report.

Photo: Casper Dalhoff

The uncertainty surrounding the global demand for oil has grown in line with the increased insecurity of the world economy, estimates OPEC, the Organization of the Petroleum Exporting Countries.

“A high OPEC production above the demands of the market further confirms that the market is more than sufficiently supplied. Continued challenges to a global economic recovery have led to even higher insecurity concerning the oil demand in the second quarter of 2012,” writes OPEC in its monthly report.

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